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Online Credit Card Processing: Fraud Prevention Tips
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Preventing fraud is a never ending chore for the business owner and the online credit card processing companies. Identity theft is at an all-time high with no end in sight. Nowhere are the effects of this phenomenon felt more keenly than the online business market place. As a business owner there are things that you can do to help fight credit card fraud.
The Importance of Fraud Prevention
Credit card processing is the grease that makes online businesses turn smoothly. When your business gets hit numerous times by fraudulent purchases, you and your business are on the hook for the charges. If your chargeback rate is getting too high, you could actually lose your credit card processing account.
What Can You Do?
• The most important thing you can do for your business is to find a credit card processing company that offer the latest technology for detecting fraud.
• Address verification is a system that matches the credit card to the address that is being used for the order. If they don’t match up, the purchase is not allowed.
• The credit card verification number is a 3-4 digit number on the back of a credit card. This is one more way to ensure that your purchaser is the actual cardholder. In the past, it was possible to order with just the numbers and expiration date. These measures cut instances of fraud down immensely.
• One of the newest innovations in fraud prevention is the 3D security. Its use is not widespread but it is a password system. The card holder will have created a password that they have to use inorder to complete the transaction. It is similar to using a pin number.
Going That Extra Mile
Your customer trusts you to take care that their personal information is secure. In addition to the security your website must have the Secure Sockets Layer encryption protocol. It is imperative that you ensure that pages with sensitive information are encrypted. It makes it harder for identity thieves.
While online hackers are busy improving their methods daily and no one can anticipate all scenarios, you must be prepared for any eventuality. Think outside the box and work hand in hand with the online credit card processing company to make your business thrive and keep your customers safe.
A Matter of Trust
In order to build trust with a customer you as a business owner have to have complete faith in the credibility of the online credit card processing service you are using. When searching for a company it is important that you look for a few things that should be standard practice. They should not use a third party; it should be a secure payment gateway. They should also have real time reporting software, no waiting for statements. The company must be able to handle more than one type of currency.
One of the biggest things on the list should be the availability of their customer support teams. People shop online 24 hours a day, 7 days a week, and 365 days per year. The customer support should reflect this trend. When a customer has a problem on Saturday morning at 3am, they want to talk with online credit card processing people right then, not wait for Monday between 9-5.
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